The founders of Yahoo Inc. (NASDAQ: YHOO) are planning to sell up to five million shares over the next 15 months, according to a regulatory filing on Thursday.
Co-founder Jerry Yang transferred three million shares this month in the Internet search and news company into a blind trust managed by a third-party trustee.
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The trustee will set the parameters for the amount of shares that will be sold or disposed, according to the filing with the Securities and Exchange Commission.
The trust will be terminated by the end of the year.
Fellow co-founder David Filo set up a plan to sell up to two million shares of Yahoo over a 12-month period starting in May. His stock will be sold according to a predetermined schedule at market prices.
Shares of Yahoo rose 42 cents, or 2.8 percent, to close at $15.22 on Thursday.
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